BlackBerry considering real estate sales: Report
Quotes

BlackBerry considering real estate sales: Report

Last Updated: Wednesday, October 2, 2013, 20:35
 
 Comment 0
 
BlackBerry considering real estate sales: Report
Toronto: Struggling Canadian smartphone maker BlackBerry Ltd may sell some of its real estate to raise money, the Globe and Mail newspaper said on Wednesday.

Citing sources it did not identify, the Globe said BlackBerry had asked real estate companies to "outline ideas to generate the largest possible return in as little time as possible."

The company is considering selling some properties and leasing back space, as well as other options, the Globe said.

BlackBerry, which has lost market share to Apple Inc's iPhone and phones that run Google Inc's Android operating system, said last month that it planned to shed 4,500 jobs, more than a third of its workforce.

A statement from BlackBerry quoted in the article said the company was cutting costs and that efforts included "optimizing" space.

BlackBerry has signed a tentative USD9-a-share agreement to be acquired and taken private by a consortium led by Fairfax Financial Holdings Ltd, but its stock has languished well below the offer price, a sign investors are skeptical the deal will succeed.

The proceeds of any real estate sale may make BlackBerry a more attractive target for potential acquirers. But any such buyers, including Fairfax, may simply be looking for detailed estimates of the value of the assets.

The company could not immediately be reached for comment early on Wednesday.

Reuters



First Published: Wednesday, October 2, 2013, 20:35


Comments


comments powered by Disqus
Top 5 anticipated luxury cars of 2015
Top 5 anticipated luxury cars of 2015
Top 5 anticipated smartphones of 2015
Top 5 anticipated smartphones of 2015
World Economic Forum 2015
World Economic Forum 2015
G20 Summit 2014
G20 Summit 2014
2014`s Top People in Business: Fortune
2014`s Top People in Business: Fortune

Web Wrap
Contact Us : Privacy Policy : Legal Disclaimer
Copyright © Zee Media Corporation Ltd. All rights reserved